BGC Partners: TURK TRAKTOR / 1Q19 Earnings Review & Update / Downgrading to HOLD (Prev. BUY)
1Q19 results are weak, as expected, after domestic tractor shipments fell by 70% y/y... Turkish tractor market contracted by 69% y/y to 2.7k units in the first two months of 2019 and Turk Traktor’s wholesale shipments dropped by 70% y/y in 1Q19. Despite the 26% y/y increase in unit exports, the company’s sales volume declined by 45% y/y. The lack of scale and unfavorable mix (with export share in revenue at 59% in 1Q19 vs. 30% in 1Q18), net profit declined by 87% y/y to TL8mn in 1Q19.Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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